Ontario Homebuyers are looking for Green

According to a recent article in mortgagebrokernews.ca, nine out of 10 homebuyers in Ontario continue to value energy efficiency when making home purchases and a bigger number are willing to pay extra for it. These were some of the findings of the fourth annual EnerQuality survey released today.

"Purchasers paid an average of $3,707 for energy efficient features in new homes, up $500 from 2008, despite the tough economy," said Corey McBurney president of EnerQuality, which provides the Energy Star and R-2000 building certifications, among other initiatives. "Part of the reason for this is that energy efficient features provide a net decrease in the cost of owning a home to the tune of hundreds of dollars per year."

The survey, based on more than 1,600 responses from recent homebuyers in the GTA and Ottawa-Carleton area, found 40 per cent of buyers were willing to pay an extra $10,000 for a green home in 2009 compared to only 22 per cent last year. Respondents were also willing to pay an average of $13,183 in extra costs for a greener home.

As the Toronto Star reported, there are a number of initiatives on the way to encourage green homeownership, including new rules proposed under Ontario's Green Energy and Green Economy act to allow anyone making an offer on a new home to demand or waive the requirement of a home energy audit from the seller. Another interesting point in the Star article was that there are plans to include home energy efficiency ratings in MLS listings. I think this would be a fantastic step forward, and would allow home shoppers to better compare the energy efficiency of homes.